More selling as lots of "talking heads" hit the airwaves with negative prognostications. Of course this means that they have already established their short positions and now are happy to talk to the emotions of regular investors.
On the S&P 500 Daily chart, the short-term technical picture is pretty clear: the range from last August's lows is being tested. If it holds there may be some short-term buying support that enters the market, if it does not, then we will be into the next phase of the down-trend which will likely bring in further selling.
This could take us back to test the 1750-1800 level which marks the up-trend established in 2009.
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Scott Tomenson,CIM Managing Partner, Chief Investment Strategist